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Osage City Council Adopts Resolution Designating Bennington State Bank as Depository
Summary
The council adopted Resolution No. 1153 to add Bennington State Bank as an official depository after an ownership change at Bank of Osage City, amended the signatory language to require any two named officials, and approved restructuring of certificates of deposit; the motion passed 7-0.
The Osage City Council on July 28, 2026 adopted Resolution No. 1153 to designate Bennington State Bank as an official depository for city funds after Bank of Osage City's ownership changed. City Manager Katie Hodge reviewed the resolution and explained the change is tied to the bank's ownership transfer; the resolution also authorizes the City Treasurer, City Manager, and City Clerk to conduct banking transactions and execute banking agreements on behalf of the city.
Joe Ryan moved to adopt Resolution No. 1153 and Cathryn Houghton seconded. Council approved an amendment to section two, paragraph 2 to read "any two of the above named" signatories and voted to authorize restructuring of the city's certificates of deposit and deposit accounts to maximize interest earnings while maintaining liquidity. The motion was declared carried (7-0).
The action updates the city's official banking relationships and authorizes staff to finalize related agreements and account changes. The transcript records the resolution number and the unanimous vote but does not record any dollar amounts associated with the restructuring or banking agreements.
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